The third rebel offensive on Liberia's capital, Monrovia, in the past two months is creating a spiralling humanitarian disaster.
Despite a lot of talks between the United States and West African leaders, peacekeepers have still to be deployed, and Liberians are dying in increasing numbers.
Why is there fighting in Liberia?
Africa's oldest republic was founded by freed American slaves, but in the past couple of decades it has been in an almost continuous state of civil war. President Charles Taylor himself led an armed rebellion during the 1980s and 1990s, before he won elections in 1997.
He has also been accused of destabilising neighbouring countries, especially Sierra Leone where he was said to have profited massively from supporting rebels operating in diamond mining areas.
However, thanks to the world's largest international peacekeeping operation, the fighting is now over in Sierra Leone, and one of Mr Taylor's main revenue sources has dried up.
Accused of operating like a warlord, he has also alienated political opponents and whole ethnic groups within the country.
Who are the rebels?
Many of them are Mr Taylor's former enemies from the earlier civil war.
Fighters of the Liberians United for Reconciliation and Democracy (Lurd) rebels, initially operating from bases in Guinea, have gradually gained more and more territory in the north and west.
A more recently formed group, the Movement for Democracy in Liberia (Model), has gained control of strategic areas in the south and east cutting off income from the government's latest source of revenue - timber.
Between them, they now control at least two-thirds of Liberia and have the upper hand militarily.
Starved of funds to pay troops still loyal to him, President Taylor has also found himself increasingly isolated by international sanctions, which prevent him from buying weapons legally.
Why is the US getting involved?
Liberia was founded by freed American slaves and the two countries have retained close ties.
Both the United Nations secretary general Kofi Annan and West African leaders have urged the US to lead a peacekeeping force.
But Mr Bush has suggested that any US involvement will be as back up to regional peacekeepers.
What happens next?
Mr Bush - and the rebels - say that Mr Taylor must leave before peacekeepers are deployed.
Mr Taylor has said he is ready to resign - and take up an offer of asylum in Nigeria - but that peacekeepers must arrive first, or chaos will ensue.
This is the kind of detail which could make or break the whole deal.
The rebels say that if Mr Taylor waits for the peacekeepers, he may decide to stay on after all - feeling safe behind a ring of foreign troops.
Regional leaders say the deployment of peacekeepers is dependent on a ceasefire - but are under increasing pressure to deploy to avert a humanitarian catastrophe.
Some 750 Nigerian troops are ready to go in - but they will not want to get caught in the middle of the fighting - and regional leaders are keen to get as much support from the United States as possible before deploying.
But while negotiations and discussions go on, Liberians civilians are getting increasingly desperate.
Does Liberia's leader have any friends left?
Well, some army commanders and militias remain loyal to him, although he is unable to pay many of them.
While he was in Ghana for peace talks last month, a warrant for his arrest was issued by the UN-backed war crimes tribunal in Sierra Leone for his alleged support of rebel groups there.
The president says there can be no peace while he faces arrest but the UN-backed court says the indictment will not be dropped.
Nigeria has offered him "safe exile" but the details of this have not been made public.
The international community would have to decide whether it was worth granting him immunity in exchange for peace in Liberia.
How does Liberia matter?
Stability in Liberia is vital to its neighbours, not least to Sierra Leone and Ivory Coast, which have also found themselves caught up in the fighting in recent years.
Critics say the departure of Charles Taylor will lead to greater peace and prosperity in the sub-region and thus allow the whole of West Africa to get back to concentrating on economic development rather than solving conflicts.
However, a rebel takeover in Monrovia would not necessarily end the fighting, which Liberians have endured for so many years.
It could just be another step in a long civil war.